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Euro Little-Changed After Spanish Election as Brexit Fears Linger

Euro Little-Changed After Spanish Election as Brexit Fears Linger

Christian Lewis, Contributor

Talking Points

  • Euro little-changed after PP wins Spanish election
  • PP wins 137 seats out of 350 in Spanish parliament
  • “Brexit” aftermath remains central near-term risk

Having trouble trading the Euro? This may be why.

The Euro was little-changed as the ruling PP party won the Spanish election as the hangover from the United Kingdom’s decision to leave the European Union has remained the central focus. Winning 137 seats out of the 350-strong Spanish parliament, the PP has improved upon the 123 seats that were won in December’s election.

Together with the similarly-minded Ciudadanos party, which won 32 seats, the PP may now have the makings for a ruling coalition after months of uncertainty. The far-left Podemos failed to secure more than the 71 seats it won in December and fell behind the center-left PSOE – the PP’s traditional opposition with 85 seats – confounding polls that called for the eurosceptic party to become the second-most powerful in parliament.

While the market showed some initial excitement from the election result, the Euro was not able to sustain any notable gains. Now that the United Kingdom has voted to break away from the European Union, there is much uncertainty about how detrimental this decision will be to the UK and EU respectively. The doubt that this has created will not find an answer quickly, keeping Brexit aftermath the central focus for near-term risk.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.